61 percent of Australians approve of a bank super profits tax
A national poll shows that 61 percent of Australians approve of a bank super profits tax.
“Clearly the Australian people think those profits are extravagant and see the benefit in the banks paying back a higher rate of tax,” said Ben Oquist, executive director of Canberra-based think-tank The Australia Institute.
Clearly the Australian people think those profits are extravagant and see the benefit in the banks paying back a higher rate of tax.
“Australia has the most profitable banks in the world, representing 2.9% of the nation’s GDP. A super profits tax on the excessive profits of banks makes good economic sense, and would be a fair and effective policy.”
While the Big-Banks levy announced in the Budget is a good start, it’s not a bank super profits tax which would be far more efficient and would raise more revenue. The levy is calculated as 0.06% of the total amount the Big Banks have loaned.
The poll, conducted in October 2016, asked:
A ‘bank super-profits tax’ would collect a higher rate of tax from banks on top of existing taxes, but levied only on especially high bank profits. Would you approve or disapprove of a banking super-profits tax?
61 percent of respondents approved. 25 percent strongly approved. Only 19 percent disapproved. Results were comparable across most states, all voting intention and all income brackets.
For the full polling brief, visit Australians support a super profits tax on banks.